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and don't forget, tomorrow, the bulk of the obama care taxes kicks in. that's a trillion dollar in taxes over the next year. there's a lot of things coming tomorrow, including the debt ceiling we're going to crash through that are not good for america. >> does it make any difference for you, congressman, that grover norquist told me about an hour ago, if he were a senator or a member of the house, he would vote in favor of this deal because it does not formally result in tax increases. it results in making permanent the tax cuts from the bush administration 2001-2003. >> it doesn't make them all permanent, just part of those. again, it's the million small businesses that are going to be impacted. they're going to pay more in taxes. they're not going to hire people because you raise their taxes. i have to worry about them. in my district, in kansas, it's small businesses. >> that's only small businesses that make more than $450,000 a year. >> yeah, that's just a million of them. just 1 million of them. i thought washington could come together on one thing
and don't forget, tomorrow, the bulk of the obama care taxes kicks in. that's a trillion dollar in taxes over the next year. there's a lot of things coming tomorrow, including the debt ceiling we're going to crash through that are not good for america. >> does it make any difference for you, congressman, that grover norquist told me about an hour ago, if he were a senator or a member of the house, he would vote in favor of this deal because it does not formally result in tax increases. it...
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that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate and house. the thought is that going over the cliff gives cover for some democrats and certainly some republicans. there will be a lot more pressure after the cliff comes to be to put a solution in place. even after midnight were to come and go, we would see them wo working towards an agreement, e we would expect. >> politicking around a cliff that was always meant to be sort of the suicide that would never be. john avalon said, congress is raising to diffuse a time bomb that congress wired. >> reporter: that's true. the thing is, and we will contin
that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate...
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that's what they did with obama care. that's how the senate has done on a bipartisan basis, tax bills for i think the last 30 years. they deem this stuff -- they voted. they go home and say, look what we accomplished. nobody knows what's in the bill. none of the details are clear. there have been no hearings, no mark ups no amendments. this is as bad as the original obama passing a $780 billion stimulus that nobody had read. or nancy pelosi saying you have to pass the bill to know what's in it. i don't think any republican ought to be touching this stuff. >> mr. speaker, hold on for a second. alley vels i velshi is with us. >> speaker, sorry to bother you while you're on vacation. listen, you called this an artificial creation of washington. you have actually suggested the many things that make up the fiscal cliff be divided up and tackles separately. i want you to listen to what president obama said earlier today and get your comment on it. let's listen to this. >> we're going to solve this problem instead in several ste
that's what they did with obama care. that's how the senate has done on a bipartisan basis, tax bills for i think the last 30 years. they deem this stuff -- they voted. they go home and say, look what we accomplished. nobody knows what's in the bill. none of the details are clear. there have been no hearings, no mark ups no amendments. this is as bad as the original obama passing a $780 billion stimulus that nobody had read. or nancy pelosi saying you have to pass the bill to know what's in it....
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>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democrats said no way. and that was the sticking point and that's when this thing moved from the senate over to biden and mcconnell where
>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night....
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>> and when john boehner came up with what i kept seeing the pictures of john boehner and president obama sitting together and very good picture and they are both good guys to come up with a plan, and john boehner came up with a plan that democrats would not enjoy the idea that taxes going up on people earning more than $1 million a year and not acceptable for most people, but he could not get members of his own caucus to agree to it, so it is not fair for the republicans to somehow suggest that we are here because of the democrats. i am not saying that the democrats had nothing to do with it, but you can't get your own act together, and the republicans and the democrats in the house can't get their act together. >> well, we are here as inaction, and here is the deal on that, and what the president wanted to do was to generate enough revenue to cover government for agent eight days, seven or eight days and what do you do with the other 350-plus days leftover? you cannot continue to run trillion dollar deficits every year, because we are already at $16 trillion in debt. what we have is a d
>> and when john boehner came up with what i kept seeing the pictures of john boehner and president obama sitting together and very good picture and they are both good guys to come up with a plan, and john boehner came up with a plan that democrats would not enjoy the idea that taxes going up on people earning more than $1 million a year and not acceptable for most people, but he could not get members of his own caucus to agree to it, so it is not fair for the republicans to somehow...
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president obama outlined that yesterday. these tax hikes are not enough for him. that he's going to go after more tax hikes. it's going to be the same discussion. the fact is we're just ceding more and more ground and more and more jobs, by the way, that young people need. so that's one of the things where i think house republicans get it, where at least i mean the majority of our caucus gets it where we're going to stand up against this plan because it's bad for young people, bad for our future, it's bad for the rest of america too. there was a great article in "the washington times" yesterday about why this plan and why plans like this are going to absolutely hurt and bankrupt our generation. i think there's at least a core group of republicans who are actually going to defend that and try to get a real solution done. something that addresses entitlement reform, that doesn't just tax people. this is a tax bill. this just raises taxes. and that's all it's doing. and the fact of the matter is grover norquist, this just shows how little power grover has. grover is
president obama outlined that yesterday. these tax hikes are not enough for him. that he's going to go after more tax hikes. it's going to be the same discussion. the fact is we're just ceding more and more ground and more and more jobs, by the way, that young people need. so that's one of the things where i think house republicans get it, where at least i mean the majority of our caucus gets it where we're going to stand up against this plan because it's bad for young people, bad for our...
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look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to look like, what kind of spending cuts will go in. this is politics at its very lowest. >> let's talk about a week ago one of the things that you and i both thought shall i thought it was a bit cynical that john boehner would put forward this plan "b." it sort of showed a lack of faith in his negotiations with the president but he put forward a plan that would increase taxes on those earning a million dollars or more per year and grover norquist to whom everybody has signed this pledge, this never increase taxes pledge, actually looked it over and said, that's all right. i can live with that. s
look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to...
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with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need to catch up and form and modernize the party. >> reporter: how much does the political posturing, how is that to watch this churn day after day for the past several days? >> it's rough. i was watching yesterday when the president spoke, hoping maybe they had come to some point. hearing him say we're close but not there yet, it's like these are things that directly affect americans and if this is your job, this in is why we elect you, it's waiting each day, it's kind of like -- it's cliff, though cliff is a misleading term it is a good term. it's like jumping over, waiting for something to kind of hit us, that really shouldn't be there at all. >> reporter: thanks for your thoughts. one other person i talked with had one more thought saying it's a shame na the u.s. economy is being held hostage by the u.s. congress. something to think about as we continue our new year's day. >> it was fascinating to hear that young woman's point of view there. obviously studen
with obama it's like a mandate, with the taxing the wealthiest americans, if he's elected which by a landslide, maybe they need to catch up and form and modernize the party. >> reporter: how much does the political posturing, how is that to watch this churn day after day for the past several days? >> it's rough. i was watching yesterday when the president spoke, hoping maybe they had come to some point. hearing him say we're close but not there yet, it's like these are things that...
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increases that obama care has that begins over the next decade. in addition to -- >> their net -- their net reducers to the deficit over ten years. let me ask you this last question. >> the tax increases that affect people's decisions. >> will you be around and do you expect to be reached out to as a deal is reached to give it a blessing? >> certainly i'm working with all of the fols trying to defend taxpayers here in congress in the house and senate. the leadership of the house have all made the commitment in writing their constituents to oppose all efforts to raise taxes. i don't think you will see something that actually raises taxes, we may get some tax cuts now and have to fight for others later. watch for the leverage that the republicans have in debt ceiling and the continued resolutions. that allows us to come back and actually fight for spending cuts, but also for further tax reductions. >> grover, good to see you, thank you for being with us. >> good to be with you. >> on the mainstream media. >> the establishment. >> establishment media
increases that obama care has that begins over the next decade. in addition to -- >> their net -- their net reducers to the deficit over ten years. let me ask you this last question. >> the tax increases that affect people's decisions. >> will you be around and do you expect to be reached out to as a deal is reached to give it a blessing? >> certainly i'm working with all of the fols trying to defend taxpayers here in congress in the house and senate. the leadership of...
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obama care, a bulk of those taxes kicked in. i don't want to hire number 51, employee number 51 because of obama care kicking in. in a normal world that would happen, but with obama care, i would say we'll see what happens. >> employer 51 is actually an issue, you and i agree on. let me ask you about the bill. what -- from what you have seen of it so far, yes vote or no vote? >> i'm a no vote, but until we see the details, we're reading reports, i will say most folks might resume a member of congress has those details. we're reading media reports, nothing on websites out there. it locks like a no. looks like typical insider deal for washington, d.c., where they getly 89 votes in the senate, but at the end of the day, our debt will get bigger, spending will go up. taxes will increase, and americans will continue to be very upset at washington. >> some sense -- i've been asking colleagues this morning. you have sense if you get past the tax stuff, the politicized part of the discussion, you can correct some attention to spending a
obama care, a bulk of those taxes kicked in. i don't want to hire number 51, employee number 51 because of obama care kicking in. in a normal world that would happen, but with obama care, i would say we'll see what happens. >> employer 51 is actually an issue, you and i agree on. let me ask you about the bill. what -- from what you have seen of it so far, yes vote or no vote? >> i'm a no vote, but until we see the details, we're reading reports, i will say most folks might resume a...
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so i think their theory is, we pushed, obama bent, let's ping-pong the bill back and let's see if they bend a little more. i think what that misses is an immense pressure, not democrats and republicans on the left that won't let them play ping-pong with the bill. >> can the democrats accept the little ping-pong right now in the next 24 hours? let's say the house passes the senate version with one amendment that calls for specific additional spending cuts and it goes to the senate, be do you think that's doable? >> it depends on what those spending cuts are and i think that the leaders in the senate will look at it because i think the american people do deserve for leaders to be responsible and here's where i think the republicans are really going wrong on two front. this is so politically perilous for them. they lost the election in november because the american people didn't think that republicans understood what they are going through and if they are now the ones who are the architects of all of us going over the cliff and for millions of americans taxes to go up, that's going to be
so i think their theory is, we pushed, obama bent, let's ping-pong the bill back and let's see if they bend a little more. i think what that misses is an immense pressure, not democrats and republicans on the left that won't let them play ping-pong with the bill. >> can the democrats accept the little ping-pong right now in the next 24 hours? let's say the house passes the senate version with one amendment that calls for specific additional spending cuts and it goes to the senate, be do...
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cuts put in place by president obama about two years ago to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it does expire. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year or more. now, let's switch to the fiscal cliff. what that could cost you if that so-called deal in sight doesn't get done. without the deal, the potential impact, say you're single, you work hard, okay, here is what you can expect. you don't have kids. you earn about $80,000 a year. think about what you pay now. guess what, you'll pay an attentional $3,000, that's right, $3,000 more in taxes next year. if you're married with kids, yeah, doesn't get any better. the middle class families get hit hard. if you have two kids, both parents work together, you earn $80,000, well, if we do go over the cliff, you will owe almost $6,000 more in taxes next year and that is why it is so important that a deal gets done. with so much unc
cuts put in place by president obama about two years ago to boost the economy. so what does it mean to your wallet? here is how much less you'll bring home if it does expire. paychecks shrink $50 a month for those earning $30,000 a year. it shrinks $83 a month for those earning $50,000 a year. and $167 a month for those earning $100,000 a year or more. now, let's switch to the fiscal cliff. what that could cost you if that so-called deal in sight doesn't get done. without the deal, the...
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>> two years ago obama and the democratic house and the democratic senate extended all the bush tax cuts for two years. >> and at that time the president said it would not happen again. >> but the president also did it because he said it would hurt the economy not to. now that he's safely in his job, that doesn't seem to be keeping him up at night that other people may lose jobs. >> are you afraid, mr. secretary, that if the u.s. were to really go over the u.s. fiscal cliff that the economy would go back into recession, unemployment would go from 7% to over 9%. that thousands of people would lose their jobs? >> no, wolf. i don't think there would be a permanent situation where we went over the fiscal cliff and nothing was done. my point is that if we went over the fiscal cliff and tax rates went up and spending cuts were substantial, that republicans would be under a huge pressure, even greater pressure than they are now to agree to a democratic initiative to cut middle class taxes and also restore the spending cuts that really do need to be restored. especially for the middle class and
>> two years ago obama and the democratic house and the democratic senate extended all the bush tax cuts for two years. >> and at that time the president said it would not happen again. >> but the president also did it because he said it would hurt the economy not to. now that he's safely in his job, that doesn't seem to be keeping him up at night that other people may lose jobs. >> are you afraid, mr. secretary, that if the u.s. were to really go over the u.s. fiscal...
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president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> brianna keilar, she's at the white house. brianna, they're saying they're going to come back to work in a couple of hours. a lot of people have been up a lot longer than that, up earlier, trying to figure out what's going on here. i understand you do have some news. potentially there's a new offer on the table. >> reporter: that's right. according to democratic sources, suzanne, they have gone up to $450,000 as the threshold for those income tax rates for where those bush-era tax cuts would expire. so beyond $450,000 for a family. this is somewhat significant because initially the pr
president obama says he is modestly optimistic that negotiations could prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it,...
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a fiscal cliff compromise with republicans or will your taxes go up? on that note, good morning. i'm drew griffin. >> the question everyone wants answered. good morning, everybody, glad you're with us. i'm alina cho. soledad is off this morning. it's wednesday, december 26th. "starting point" begins right now. 8:00 in the east, our starting point a christmas to forget for millions of americans in the south and midwest, battling blizzard conditions and tornadoes. >> oh, my god, we need to go. it's right there. >> mobile, alabama, took a real beating overnight, a twister blowing transformers, and there are reports of extensive damage to homes, a high school, and a church. 200,000 people across the south are without power this morning. >> it came in behind the church right there, and then all green floors reent lighting and it was like popping transformers left and right and heard the crash and everything and the power went out. >> i prayed to god as loud as i could and i was just praying for my safety, and i knew the truck was shaking. i just prayed that
a fiscal cliff compromise with republicans or will your taxes go up? on that note, good morning. i'm drew griffin. >> the question everyone wants answered. good morning, everybody, glad you're with us. i'm alina cho. soledad is off this morning. it's wednesday, december 26th. "starting point" begins right now. 8:00 in the east, our starting point a christmas to forget for millions of americans in the south and midwest, battling blizzard conditions and tornadoes. >> oh, my...